NEW YORK (Bloomberg) — Bermuda-based Churchill Capital Ltd., a hedge fund adviser and brokerage, ended a lawsuit filed against two of its former equity analysts in Singapore accusing them of passing confidential client data to rival Aviate Global LLP.

A notice to discontinue the lawsuit was filed with the Singapore High Court last week.

Churchill had accused Jonathan Foster and Charles Nave of breaching their employment contract, which prohibited them from poaching clients and employees for a year, according to the April 29 suit. Bermuda-based Churchill said in the suit it found evidence that the two, who quit at the end of 2009 to join Aviate, conspired to download several files from the company's system.

"The matter has now been amicably resolved," a founding partner Patrick Churchill said in a telephone interview from Monaco. He declined to disclose settlement terms. Foster and Nave declined to comment. Aviate wasn't a party to the suit.

Churchill faced a "real and imminent danger" that the duo may disclose trade secrets to competitors including Aviate, according to court papers, adding that it would be "catastrophic" if that happened. Its rivals would then be able to unfairly compete and have an immediate marketable product or service that would have otherwise taken months to develop, the financial adviser said.

Foster had failed or forgotten to close his Skype online international calling account on his office computer while he was on so-called gardening leave, exposing the duo's communication over the data retrieval, according to court papers. The two men were also in touch with another ex-Churchill employee who had joined Aviate.

Churchill has offices in US, UK, Australia, Monaco, Bermuda and Singapore. Religare Enterprises Ltd., an Indian financial-services company, on June 30 agreed to acquire Aviate Global (Asia) to bolster its equities business in the region.

Churchill was represented by ATMD Bird & Bird LLP while Tan Peng Chin LLP acted for Foster and Nave.